The search for yield has brought real estate investors to secondary markets such as Minneapolis and Portland, OR. Is this a positive sign of booming local economies or a negative harbinger of a bubble forming? Marcus & Millichap's Hessam Nadji says the usual telltale signs of a market correction aren't being seen in this cycle.

The reason, according to the GlobeSt.com Thought Leader, is that “the lending part of the equation is staying pretty disciplined.” That extends to underwriting as well as the borrowers themselves, Nadji, a senior EVP with MMI, said in a recent segment of CNBC's Squawk Box.

At the same time, “we're seeing every major market as well as some secondary and tertiary locations, add a lot of jobs, with very little new construction,” said Nadji. “The combination is what gives us confidence that we're not heading for a bubble yet.”

Nadji also discussed the competitive yields that all asset classes of real estate are offering in a low interest-rate environment, and the impact that millennials' preferences for renting vs. buying is having on real estate investment sales. For the complete video, click here. For all coverage of Marcus & Millichap on GlobeSt.com, including columns and insights from Hessam Nadji, click here.